DISTRIBUTION POLICY

The Company aims to provide Shareholders with an attractive total return comprising income, from
distributions through the period of the Company's ownership of the Assets, and capital, upon the sale of the Assets.

In the event that the Company is wound-up pursuant to a Shareholder resolution, Shareholders may
also receive a capital return reflecting any profit on the sale of the Assets.

Income distributions

The Company is receiving income from the Lease Rentals paid by Emirates pursuant to the Leases. It is anticipated that income distributions will be made quarterly, subject to compliance with applicable laws and regulations. The Company currently targets a distribution of 4.5 pence per Share per quarter.

There can be no guarantee that dividends will be paid to Shareholders and, if dividends are paid, as to the timing and amount of any such dividend. There can also be no guarantee that the Company will, at all times, satisfy the solvency test required to be satisfied pursuant to section 304 of the Companies Law enabling the Directors to effect the payment of dividends (although the Directors currently consider that such a failure to satisfy the solvency test is unlikely).

Return of capital

In respect of any Asset, following the sale of that Asset, the Directors may, as they deem appropriate at their absolute discretion, either (i) return to Shareholders the net capital proceeds, or (ii) re-invest such proceeds in accordance with the Company's investment policy.

Further, the Company intends to return to Shareholders net capital proceeds if and when the Company is wound-up (pursuant to a Shareholder resolution, including the Liquidation Resolution), subject to compliance with the Articles and the Companies Laws (including any applicable requirements of the solvency test contained therein).